Insight

A digital decree: Reinventing the banking industry in real-time

Customers are demanding greater digital access than ever before. Now is the time for banks to radically rethink their business model and accelerate the digitization process.

Peter Torrente

Peter Torrente

National Sector Leader, Banking & Capital Markets, KPMG US

+1 212-872-5815


 

We are witnessing banking being reinvented in real time, and taking action now couldn’t be more important.

COVID-19 created a critical challenge for the banking industry, one that many banks weren’t quite prepared for. Pre-COVID, digital transformation was a desire. Three months later it is now a demand. Banks need to modify their business and operating models, to serve customers better, and to prepare their employees to work in completely new ways. The path forward is digital transformation, and it needs to happen faster than anyone could have predicted.

This report explains the need for banks to accelerate digital capabilities with a keen eye toward a new set of norms starting with understanding the answers to two fundamental questions facing banks:

  • How will we generate new growth and protect the current customer base?
  • How should business and operating model strategies evolve to drive experiences based on evolving interaction needs?

We’ve developed a seven-step journey meant to fundamentally transform how banks operate by influencing the individuals at the top of the house who actually make changes stick. We believe these steps can provide a strategic and holistic roadmap for a sustained reshaping of how banks operate. We see that the recent forced digitization only reinforces that message: Quick change is not only possible, but downright essential.

In this report we help banks define their digital strategies, ascertain ambitions, focus on target market segments, and align their culture with their innovation needs. 

Download the report – A digital decree